Petrol, diesel price drop for 12th straight day, petrol below Rs 80 in Delhi
New Delhi: On the back of falling international crude oil prices, petrol and diesel prices declined, by 30 paise and 20 paise, respectively, for the 12th consecutive day today. Petrol prices have now climbed down from the Rs 80 mark in Delhi to Rs 70.75 per litre.
In Mumbai, petrol costs Rs 85.24, Bengaluru Rs 80.37, Hyderabad Rs 84.54, Chennai Rs 82.86, Kolkata Rs 81.63. Diesel, on the other hand, is priced at Rs 73.85 in Delhi, Rs 77.40 in Mumbai, Rs 80.33 in Hyderabad, Rs 74.23 in Bengaluru, Rs 78.08 in Chennai and Rs 75.70 in Kolkata
Petrol prices had hit an all-time high of Rs 84 per litre in Delhi and Rs 91.34 in Mumbai on October 4. The decline, since then, has been on account of several factors — a reduction in excise duty of Rs 1.5, drop in sales tax or VAT by Rs 2.5 in several states, state-run oil retailers bearing a loss of Re 1 on instructions from the Union government and a fall in global crude oil prices.
Oil has slumped about 11% from a four-year high earlier this month as a rout in global equity markets raised concerns about economic growth and energy demand at a time of growing US crude inventories, Bloomberg reported. Front-month Brent crude oil futures were at $77.56 a barrel, while US West Texas Intermediate (WTI) crude futures were at $67.59 a barrel on Monday morning.
Although fuel prices are revised daily at 6 am, oil retailers take into account international fuel prices on a 15-day average, besides the value of the rupee. India imports about 80% of its crude oil requirements.
